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佳明（GRMN）与MPLX LP（MPLX）财务数据对比。点击上方公司名可切换其他公司
MPLX LP的季度营收约是佳明的1.2倍（$2.5B vs $2.1B），MPLX LP净利率更高（49.1% vs 24.9%，领先24.2%），佳明同比增速更快（16.6% vs 1.4%），MPLX LP自由现金流更多（$782.0M vs $429.6M），过去两年佳明的营收复合增速更高（24.0% vs 6.2%）
佳明（Garmin）是总部位于美国堪萨斯州奥拉西的跨国科技企业，专注于设计、研发、生产及销售GPS功能产品，以及导航、通讯、传感类信息产品，业务覆盖汽车、航空、航海、户外、运动健身等多个领域。
MPLX LP旗下子公司MarkWest Energy Partners是美国业主有限合伙企业，主营天然气收集、加工及运输业务。该公司1988年成立于科罗拉多州丹佛市，曾发展为科罗拉多州第13大企业，2015年被马拉松石油旗下的MPLX收购。
GRMN vs MPLX — 直观对比
营收规模更大
MPLX
是对方的1.2倍
$2.1B
营收增速更快
GRMN
高出15.2%
1.4%
净利率更高
MPLX
高出24.2%
24.9%
自由现金流更多
MPLX
多$352.4M
$429.6M
两年增速更快
GRMN
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.5B |
| 净利润 | $528.7M | $1.2B |
| 毛利率 | 59.2% | — |
| 营业利润率 | 28.9% | 60.5% |
| 净利率 | 24.9% | 49.1% |
| 营收同比 | 16.6% | 1.4% |
| 净利润同比 | 21.3% | 8.5% |
| 每股收益（稀释后） | $2.72 | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收GRMNMPLX
| Q4 25 | $2.1B | $2.5B | ||
| Q3 25 | $1.8B | $2.5B | ||
| Q2 25 | $1.8B | $2.4B | ||
| Q1 25 | $1.5B | $2.5B | ||
| Q4 24 | $1.8B | $2.4B | ||
| Q3 24 | $1.6B | $2.3B | ||
| Q2 24 | $1.5B | $2.3B | ||
| Q1 24 | $1.4B | $2.2B |
净利润GRMNMPLX
| Q4 25 | $528.7M | $1.2B | ||
| Q3 25 | $401.6M | $1.6B | ||
| Q2 25 | $400.8M | $1.1B | ||
| Q1 25 | $332.8M | $1.1B | ||
| Q4 24 | $435.7M | $1.1B | ||
| Q3 24 | $399.1M | $1.0B | ||
| Q2 24 | $300.6M | $1.2B | ||
| Q1 24 | $276.0M | $1.0B |
毛利率GRMNMPLX
| Q4 25 | 59.2% | — | ||
| Q3 25 | 59.1% | — | ||
| Q2 25 | 58.8% | — | ||
| Q1 25 | 57.6% | — | ||
| Q4 24 | 59.3% | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | 57.3% | — | ||
| Q1 24 | 58.1% | — |
营业利润率GRMNMPLX
| Q4 25 | 28.9% | 60.5% | ||
| Q3 25 | 25.8% | 73.2% | ||
| Q2 25 | 26.0% | 54.9% | ||
| Q1 25 | 21.7% | 55.5% | ||
| Q4 24 | 28.3% | 55.6% | ||
| Q3 24 | 27.6% | 54.4% | ||
| Q2 24 | 22.7% | 62.9% | ||
| Q1 24 | 21.6% | 57.6% |
净利率GRMNMPLX
| Q4 25 | 24.9% | 49.1% | ||
| Q3 25 | 22.7% | 63.2% | ||
| Q2 25 | 22.1% | 44.9% | ||
| Q1 25 | 21.7% | 46.2% | ||
| Q4 24 | 23.9% | 45.9% | ||
| Q3 24 | 25.2% | 44.6% | ||
| Q2 24 | 20.0% | 52.6% | ||
| Q1 24 | 20.0% | 46.7% |
每股收益（稀释后）GRMNMPLX
| Q4 25 | $2.72 | — | ||
| Q3 25 | $2.08 | — | ||
| Q2 25 | $2.07 | — | ||
| Q1 25 | $1.72 | — | ||
| Q4 24 | $2.24 | — | ||
| Q3 24 | $2.07 | — | ||
| Q2 24 | $1.56 | — | ||
| Q1 24 | $1.43 | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $2.3B | $2.1B |
| 总债务越低越好 | — | $24.2B |
| 股东权益账面价值 | $9.0B | — |
| 总资产 | $11.0B | $43.0B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资GRMNMPLX
| Q4 25 | $2.3B | $2.1B | ||
| Q3 25 | $2.1B | $1.8B | ||
| Q2 25 | $2.1B | $1.4B | ||
| Q1 25 | $2.2B | $2.5B | ||
| Q4 24 | $2.1B | $1.5B | ||
| Q3 24 | $2.0B | $2.4B | ||
| Q2 24 | $1.9B | $2.5B | ||
| Q1 24 | $1.9B | $385.0M |
总债务GRMNMPLX
| Q4 25 | — | $24.2B | ||
| Q3 25 | — | $24.1B | ||
| Q2 25 | — | $19.7B | ||
| Q1 25 | — | $19.7B | ||
| Q4 24 | — | $19.3B | ||
| Q3 24 | — | $19.3B | ||
| Q2 24 | — | $19.2B | ||
| Q1 24 | — | $18.8B |
股东权益GRMNMPLX
| Q4 25 | $9.0B | — | ||
| Q3 25 | $8.5B | — | ||
| Q2 25 | $8.1B | — | ||
| Q1 25 | $8.2B | — | ||
| Q4 24 | $7.8B | — | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $7.0B | — | ||
| Q1 24 | $7.2B | — |
总资产GRMNMPLX
| Q4 25 | $11.0B | $43.0B | ||
| Q3 25 | $10.5B | $43.2B | ||
| Q2 25 | $10.3B | $37.8B | ||
| Q1 25 | $9.8B | $39.0B | ||
| Q4 24 | $9.6B | $37.5B | ||
| Q3 24 | $9.3B | $38.5B | ||
| Q2 24 | $8.9B | $38.4B | ||
| Q1 24 | $8.6B | $36.5B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $553.8M | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $429.6M | $782.0M |
| 自由现金流率自由现金流/营收 | 20.2% | 31.9% |
| 资本支出强度资本支出/营收 | 5.8% | 29.1% |
| 现金转化率经营现金流/净利润 | 1.05× | 1.24× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $4.1B |
8季度趋势，按日历期对齐
经营现金流GRMNMPLX
| Q4 25 | $553.8M | $1.5B | ||
| Q3 25 | $485.6M | $1.4B | ||
| Q2 25 | $173.2M | $1.7B | ||
| Q1 25 | $420.8M | $1.2B | ||
| Q4 24 | $483.9M | $1.7B | ||
| Q3 24 | $258.0M | $1.4B | ||
| Q2 24 | $255.3M | $1.6B | ||
| Q1 24 | $435.3M | $1.3B |
自由现金流GRMNMPLX
| Q4 25 | $429.6M | $782.0M | ||
| Q3 25 | $425.1M | $905.0M | ||
| Q2 25 | $127.5M | $1.4B | ||
| Q1 25 | $380.7M | $979.0M | ||
| Q4 24 | $399.2M | $1.4B | ||
| Q3 24 | $219.4M | $1.1B | ||
| Q2 24 | $218.2M | $1.4B | ||
| Q1 24 | $402.1M | $1.0B |
自由现金流率GRMNMPLX
| Q4 25 | 20.2% | 31.9% | ||
| Q3 25 | 24.0% | 36.8% | ||
| Q2 25 | 7.0% | 60.9% | ||
| Q1 25 | 24.8% | 39.8% | ||
| Q4 24 | 21.9% | 56.6% | ||
| Q3 24 | 13.8% | 48.4% | ||
| Q2 24 | 14.5% | 60.0% | ||
| Q1 24 | 29.1% | 47.7% |
资本支出强度GRMNMPLX
| Q4 25 | 5.8% | 29.1% | ||
| Q3 25 | 3.4% | 21.4% | ||
| Q2 25 | 2.5% | 12.8% | ||
| Q1 25 | 2.6% | 10.9% | ||
| Q4 24 | 4.6% | 12.7% | ||
| Q3 24 | 2.4% | 11.9% | ||
| Q2 24 | 2.5% | 9.4% | ||
| Q1 24 | 2.4% | 11.7% |
现金转化率GRMNMPLX
| Q4 25 | 1.05× | 1.24× | ||
| Q3 25 | 1.21× | 0.92× | ||
| Q2 25 | 0.43× | 1.64× | ||
| Q1 25 | 1.26× | 1.10× | ||
| Q4 24 | 1.11× | 1.51× | ||
| Q3 24 | 0.65× | 1.35× | ||
| Q2 24 | 0.85× | 1.32× | ||
| Q1 24 | 1.58× | 1.27× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
MPLX
| Services | $746.0M | 30% |
| Other | $675.0M | 28% |
| Products | $492.0M | 20% |
| Nonrelated Party | $186.0M | 8% |
| Related Party | $151.0M | 6% |
| Crude Oil And Products Logistics | $104.0M | 4% |
| Service Other | $56.0M | 2% |
| Natural Gas And NGL Services | $41.0M | 2% |
